Topic: Institutional Regulation and Standard-Setting

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  • 5 Marks

AA – July 2023 – L2 – Q1a – Institutional Regulation and Standard-Setting, Professional and Ethical Considerations

Requirements in the composition and functions of Audit Committees in corporate governance.

a) Boards rely on the Audit Committee to offer effective oversight of the financial reporting process, making it one of the cornerstones for effective corporate governance. Effective Audit Committee is vital for protecting investors and the health of the capital markets.

Required:
i) Identify THREE (3) requirements in the composition of Audit Committees in accordance with the best practice in Corporate Governance. (3 marks)
ii) List TWO (2) functions of an Audit Committee. (2 marks)

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  • 7 Marks

AA – Nov 2023 – L2 – Q5a – Institutional Regulation and Standard-Setting

This question describes the process for developing and updating International Standards on Auditing (ISAs).

International Standards on Auditing (ISAs) are developed and updated by the International Auditing and Assurance Standards Board (IAASB), which is an independent standard-setting body established by the International Federation of Accountants (IFAC). The Institute of Chartered Accountants, Ghana adopts the standards set by the International Auditing and Assurance Standards Board (IAASB).

Required:
Describe the process for developing and updating ISAs.
(7 marks)

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  • 5 Marks

AA – Aug 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies and explains the roles of the main committees established under the ICAG Act, 2020 (Act 1058).

The Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) gives power to the council to establish committees to regulate the Accountancy Profession and Practice.

Required:
Identify THREE (3) main committees and their role as stated under the new Act.

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  • 10 Marks

AA – Mar 2024 – L2 – Q4a – Institutional Regulation and Standard-Setting

Discuss significant audit issues faced by national standard-setting bodies and the IAASB.

Santom Ltd is a global company that produces and sells consumer electronics. In the past year, Santom Ltd has faced several challenges, including the COVID-19 pandemic, supply chain disruptions, and increased regulatory scrutiny. Recent global events have raised significant audit issues for external auditors.

The national standard-setting bodies and the International Auditing and Assurance Standards Board (IAASB) are currently dealing with several significant audit issues.

Required:
Discuss FIVE (5) of these significant audit issues.

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  • 10 Marks

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

b) The function of the Institute of Chartered Accountants, Ghana (ICAG) has become a subject of discussion in recent times after the passage of the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058). The thrust of the matter is the dual role of the Institute – to promote the study of accountancy and regulate the accountancy profession and practice in the country.

i) Identify FOUR (4) functions of ICAG. (4 marks)
ii) Discuss the effects of the dual role exercised by ICAG. (6 marks)

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  • 5 Marks

AA – July 2023 – L2 – Q1a – Institutional Regulation and Standard-Setting, Professional and Ethical Considerations

Requirements in the composition and functions of Audit Committees in corporate governance.

a) Boards rely on the Audit Committee to offer effective oversight of the financial reporting process, making it one of the cornerstones for effective corporate governance. Effective Audit Committee is vital for protecting investors and the health of the capital markets.

Required:
i) Identify THREE (3) requirements in the composition of Audit Committees in accordance with the best practice in Corporate Governance. (3 marks)
ii) List TWO (2) functions of an Audit Committee. (2 marks)

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  • 7 Marks

AA – Nov 2023 – L2 – Q5a – Institutional Regulation and Standard-Setting

This question describes the process for developing and updating International Standards on Auditing (ISAs).

International Standards on Auditing (ISAs) are developed and updated by the International Auditing and Assurance Standards Board (IAASB), which is an independent standard-setting body established by the International Federation of Accountants (IFAC). The Institute of Chartered Accountants, Ghana adopts the standards set by the International Auditing and Assurance Standards Board (IAASB).

Required:
Describe the process for developing and updating ISAs.
(7 marks)

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  • 5 Marks

AA – Aug 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies and explains the roles of the main committees established under the ICAG Act, 2020 (Act 1058).

The Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058) gives power to the council to establish committees to regulate the Accountancy Profession and Practice.

Required:
Identify THREE (3) main committees and their role as stated under the new Act.

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  • 10 Marks

AA – Mar 2024 – L2 – Q4a – Institutional Regulation and Standard-Setting

Discuss significant audit issues faced by national standard-setting bodies and the IAASB.

Santom Ltd is a global company that produces and sells consumer electronics. In the past year, Santom Ltd has faced several challenges, including the COVID-19 pandemic, supply chain disruptions, and increased regulatory scrutiny. Recent global events have raised significant audit issues for external auditors.

The national standard-setting bodies and the International Auditing and Assurance Standards Board (IAASB) are currently dealing with several significant audit issues.

Required:
Discuss FIVE (5) of these significant audit issues.

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  • 10 Marks

AA – April 2022 – L2 – Q2b – Institutional Regulation and Standard-Setting

Identifies the functions of ICAG and discusses the effects of its dual role in promoting the study of accountancy and regulating the profession.

b) The function of the Institute of Chartered Accountants, Ghana (ICAG) has become a subject of discussion in recent times after the passage of the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058). The thrust of the matter is the dual role of the Institute – to promote the study of accountancy and regulate the accountancy profession and practice in the country.

i) Identify FOUR (4) functions of ICAG. (4 marks)
ii) Discuss the effects of the dual role exercised by ICAG. (6 marks)

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